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Children are the biggest victims of the current housing crisis

by Thom Hartmannposted Apr 19 2012 5:20PM

Children are the biggest victims of the current housing crisis.

In 2008 - Wall Street got bailed out – and homeowners got sold out. And now – it’s the children who are the biggest victims of the ongoing housing crisis. According to a new report from First Focus and the Brookings Institute – more than 8.3 million children are facing the direct consequences of home foreclosures.

Already – more than two million children have seen their homes foreclosed on since 2008, and another six million children are at risk of being foreclosed on. In California alone – more than a half-million children have gone through the foreclosure process – seeing firsthand what it’s like to have their home taken away from them.

Families that are foreclosed on have a higher risk of living in poverty – and children growing up in poverty – as nearly 16 million currently are in the United States – are more likely to drop out of school and commit crime. Not only did Wall Street steal $7 trillion worth of wealth from the middle class – but they also stole a generation of young people too.